Editorial Commentary

The Price of Free Speech

Corporations should not make anonymous political donations.

The game of corporate governance is frequently a war for political control. Reformers who fear the power of business have been trying to get money out of politics for more than a century, though every attempt seems to bring more money into politics and more politics into business.

The movement currently seeks more disclosure of corporate political donations, in the hope that shareholders or customers will be moved to punish public...